This article was first published on: Insights – Ripple --

Emerging markets have revealed a new and critical challenge for global payments. Instead of relying on traditional banking systems, consumers in these regions use a variety of platforms to make payments, access banking services and take part in commerce within and outside of their countries.

In Vietnam, a tech-oriented, new generation have made digital wallets a dominant force and, in Africa, mobile money is a primary avenue for commerce. A recent study also found that across South East Asia almost 30 percent of online sales occur on social media.

Digital commerce in these regions is booming, bringing more people into the global economy, but the underlying payment systems supporting their transactions are becoming increasingly fragmented.

Adding further complexity, billions of new people each year are accessing financial institutions for the first time ever. In India alone, more than a billion new people are expected to be banked over the next five years.

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